Welcome to Tea with DidiJan 24, 2020
Klavsen Sweet posted an update 5 months, 3 weeks ago
Electronic invoicing, or e-invoicing, much like the name implies, may be the electronic exchange of invoice documents from the supplier as well as the customer. Electronic invoicing goes past merely sending a PDF receipt into a customer via email. A genuine e-invoicing option is an internal solution where an electronic digital invoice is transmitted and received seamless relating to the supplier’s a / r system and the customer’s accounts payable system. E-invoicing documents are normally exchanged in EDI or XML formats. (Source: E-Invoicing Basics)
Why switch from the manual, paper-based system with an electronic invoicing system? Paper-based product is notoriously time-consuming and at risk of errors. As such, paper invoicing is likely to have higher costs and longer processing lifecycles.
In spite of the widespread adoption of automation for most business processes, accounts payable and a / r processes remain largely manual (Source: Dolphin Corp).
Benefits of E-Invoicing for Suppliers
Switching to e-invoicing solves these complaints, resulting in faster processing, lower transaction costs, greater visibility, and significant savings. From the business perspective, e-invoicing delivers lots of benefits through the AR / AP process.
For starters, there’s no mail to sort, distribute, or open. Not only that, e-invoicing eliminates costs associated with paper bills, envelopes, and postage. Plus, it takes much less time for you to process generate bill payment. With the new system, you could make and distribute a whole batch of invoices with simply a couple of clicks. (Source: Pay Simple)
Next, there is no data entry required. Because the payment arrives in the buyer’s accounts payable system automatically, the accounts payable clerk does not need to enter the data manually. E-invoicing eliminates the opportunity of mistakes and ensures accuracy. Likewise, there’s no need to scan paper bills, another manual procedure that needs time to work and could be vulnerable to errors like illegible scans.
Meanwhile, all invoices are instantly and securely delivered. By reducing mail from the equation, you might be also eliminating a couple of days from receipt to payment. Similarly, electronic payments speed the task and mean you don’t have to wait in line on the bank to deposit your money.
Electronic invoices are simple to store and reference, without any physical file cabinets required. Because you telephone customers, it is simple to include a link or attachment for the original payment receipt, purchase order, or related documentation.
Great things about~advantages of~important things about E-Invoicing for Buyers
E-invoices offer benefits to your customers too. By way of example, it is possible to offer a various payment options such as debit, credit, and ACH. Paperless system also paves the way to automated reminders filled with integrated "pay now" buttons that hyperlink to the bill. Your customers’ accounts payable team will appreciate lacking to manually enter data or scan paper bill, too.
Switching to e-invoicing saves money and time, a win-win for both sides.
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